Genentech ends Xencor (NASDAQ: XNCR) efbalropendekin alfa license deal

Rhea-AI Filing Summary

Xencor, Inc. reported that Genentech, Inc. and F. Hoffmann-La Roche Ltd are terminating their Amended and Restated Collaboration and License Agreement covering efbalropendekin alfa. Genentech elected to end the agreement for convenience, with termination effective September 4, 2026.

Efbalropendekin alfa, an engineered cytokine-Fc fusion protein, was the sole active collaboration product under the agreement. Roche had already removed it from its development pipeline in connection with its 2024 financial results, and Xencor had earlier opted out of co-development and ceased cost-sharing activities in the first half of 2024.

Insights

Biotech partnerships analyst

Termination formalizes an already de-emphasized partnered program.

The notice confirms that Genentech is ending its collaboration and license agreement with Xencor for efbalropendekin alfa, effective September 4, 2026. This follows Roche’s earlier decision, disclosed with its 2024 results, to remove the drug from its development pipeline.

Commercial prospects from this partnered asset had already diminished once Roche exited the pipeline and Xencor opted out of co-development in the first half of 2024. This update mainly clarifies that Genentech will no longer maintain clinical, regulatory, or commercial responsibilities for efbalropendekin alfa after the termination date.

FALSE000132673200013267322026-03-042026-03-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________________________________________

FORM 8-K

___________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 4, 2026

___________________________________________________

XENCOR, INC.

(Exact name of registrant as specified in its charter)

___________________________________________________

Delaware			001-36182			20-1622502
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification Number)

465 North Halstead Street, Suite 200 Pasadena, California						91107
(Address of Principal Executive Offices)						(Zip Code)

(626) 305-5900

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

___________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share			XNCR			Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 1.02. Termination of a Material Definitive Agreement

On March 4, 2026, Xencor, Inc. (the “Company”) received a notice of termination of an Amended and Restated Collaboration and License Agreement (the “Agreement”), effective as of June 1, 2024, with Genentech, Inc. (“GNE”) and F. Hoffmann-La Roche Ltd (“Roche” and, GNE and Roche, collectively, “Genentech”), pursuant to which Genentech has elected to terminate the Agreement in its entirety for convenience. The effective date of the termination of the Agreement is September 4, 2026. Roche had previously announced, in connection with the reporting of its 2024 financial results in January 2025, that it removed efbalropendekin alfa, an engineered cytokine-Fc fusion protein and the sole active collaboration product under the Agreement, from its development pipeline, and the Company has expected Genentech’s administrative termination of the Agreement.

During the first half of 2024, the Company ceased all cost-sharing development activities by electing to opt-out of co-development under the Agreement. Genentech assumed sole responsibility for all clinical, regulatory and commercial activities for certain collaboration products, including efbalropendekin alfa.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 9, 2026			XENCOR, INC.
			By:			/s/ Celia Eckert
						Celia Eckert
						General Counsel & Corporate Secretary

FAQ

What agreement is Xencor (XNCR) reporting as terminated?

Xencor reports that Genentech is terminating an Amended and Restated Collaboration and License Agreement covering efbalropendekin alfa. This agreement made Genentech responsible for clinical, regulatory, and commercial activities for certain collaboration products, including that engineered cytokine-Fc fusion protein.

When does the Genentech–Xencor collaboration termination become effective?

The termination of the collaboration and license agreement becomes effective on September 4, 2026. Until that date, the agreement remains in place, although Roche has already removed efbalropendekin alfa from its development pipeline and Xencor previously opted out of co-development activities.

Which product was covered by the terminated Xencor–Genentech agreement?

The agreement’s sole active collaboration product was efbalropendekin alfa, described as an engineered cytokine-Fc fusion protein. Genentech had assumed responsibility for clinical, regulatory, and commercial activities for this and certain other collaboration products before electing to terminate the agreement.

Why did Xencor expect Genentech’s termination of the agreement?

Xencor expected termination because Roche had previously announced it removed efbalropendekin alfa from its development pipeline when reporting 2024 financial results. After that decision, Xencor anticipated Genentech would follow with an administrative termination of the collaboration and license agreement.

What role did Xencor play in development before the termination notice?

During the first half of 2024, Xencor ceased all cost-sharing development activities by opting out of co-development under the agreement. After that opt-out, Genentech assumed sole responsibility for clinical, regulatory, and commercial activities for certain collaboration products, including efbalropendekin alfa.

Who are the counterparties to Xencor in this terminated collaboration?

The counterparties are Genentech, Inc. and F. Hoffmann-La Roche Ltd, collectively referred to as Genentech. They held rights and responsibilities under the Amended and Restated Collaboration and License Agreement until electing to terminate it for convenience, effective September 4, 2026.

Filing Exhibits & Attachments

3 documents

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB